Delhi High Court Denies Bail in Massive Banking Fraud Case
The Delhi High Court has dismissed the bail plea of Arvind Dham, a businessman accused of involvement in an extensive money laundering and bank fraud case. Despite arguments citing his medical condition, the court sided with the Enforcement Directorate's opposition, leaving Dham in custody since July 2024.
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The Delhi High Court on Tuesday turned down the bail request for Arvind Dham, a businessman facing charges in a high-profile money laundering case linked to an alleged multi-thousand-crore bank fraud. Justice Ravinder Dudeja rejected the application after hearings from the Enforcement Directorate (ED) and the legal representatives of the accused. The court's comprehensive order will be released soon.
Prior to this, the court had similarly denied interim bail to Dham, who remains in custody since his July 2024 arrest. The ED accuses Dham of being a key figure in a fraud involving proceeds of crime estimated in the multi-thousand crore range, opposing the bail through their special counsel Zoheb Hossain.
Representing ED, Special Public Prosecutor Manish Jain, alongside Snehal Sharda, opposed Dham's plea. The case, rooted in a Central Bureau of Investigation FIR concerning group entity ACIL Limited, led to ED conducting nationwide raids related to a Rs. 20,000 crore fraud. Investigations revealed loan diversions for real estate and other investments, significantly crippling the banking sector.
(With inputs from agencies.)
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